With winter drawing closer, experts continue to predict a slowdown of the Bay Area housing market. This is nothing new, of course: Historically, the winter season has served as the low-point of annual real estate sales due to a combination of bad weather and holiday distractions. But as demand — one of the key factors that has been driving sales sky-high — “cools” off, there’s a reasonable expectation that the housing market will stabilize. According to Freddie Mac’s Multi-Indicator Market… read more →
Although the summer has heated up most of the Bay Area’s real estate market, it’s fair to say that the skyrocketing gains of places like San Jose and San Francisco have not been shared evenly across the entire region. So while the last few months have brought moderate increases in property values and shorter market times for many areas, this growth may appear a little underwhelming when it’s compared to parts where homes clear the market in less than a… read more →
If we summed up Bay Area real estate according to the news, it would go like this: Sales have dropped, there’s been a slowdown in the climb of housing prices, and inventory remains low. Rising interest rates loom over homebuyers, potentially cutting into future housing sales. And people are even starting to talk about winter, when many buyers temporarily suspend their searches and fewer homes tend to go on sale. But if winter is coming early, the latest statistics suggest… read more →
Lately, the primary focus of local real estate news has been on determining whether or not the Bay Area housing market has peaked. With every dip and spike, experts have pointed at signs that the plateau is imminent, or that we have already reached it. Of course, some parts of the Bay Area have likely peaked (the Richmond Waterfront, for instance). But there are three reasons to think that this does not apply to the East Bay as a whole.… read more →
When the Dublin Ranch market for detached single-family housing first gave signs of cooling off, we looked to the area’s condos and townhouses to see if they were following a similar pattern. After all, Dublin’s condos and townhouses (or simply “CoTH”) have often outperformed single-family homes (or “SFR”s) in various metrics. Notably, in the past year, the typical CoTH property has closed above asking price far more often and has seen a steeper climb in value than the typical SFR.… read more →
Early last month, we wrote about the housing market in the Richmond Waterfront (which consists of several communities, including Point Richmond, Marina Bay, and Country Club Vista) and highlighted conditions that indicated the area was likely “plateauing”. Among those conditions was a “days on market” figure that was twice the Bay Area average and a developing trend of homes selling for less than asking price. Essentially, while the area was projected to maintain most of the gains it made in… read more →
Will the Dublin Ranch housing market be opening up to buyers in the near future? Recent data hints at this possibility. In July, we wrote about how a number of single-family homes in Dublin were having difficulty selling, despite the average closing price (and number of properties sold) being some of the highest figures in a year. This begged the question: If the market is healthy, why do so many homeowners seem to have trouble selling their homes? Part of… read more →
Apple’s Homekit is a feature available to app developers to help them incorporate Apple’s personal assistant, Siri, into their household products’ functionality. In other words, we’ll soon be able to control and manage such things as our thermostat, lights, garage door, front door lock and other everyday household appliances and other items with just our voice. All of us iPhone owners are already aware that Siri can fulfill our desire to know what the weather is like outside (or halfway… read more →
Every once in a while, I get caught off-guard by the aggressive words or actions of a client. Many times, when I “peel back the onion” to uncover what is making them respond the way they are, I hear a story they have heard (or even lived through) about a real estate agent who acted unethically. It’s sad, but it’s true — in real estate, there are a few bad apples out there. Here’s a little insight, and some next-steps… read more →
With access to the same information, many real estate news sources come to similar conclusions when forecasting the housing market. In July, a relatively common opinion was that the Bay Area was following a trend similar to that found in other parts of the United States: Housing prices were leveling out. Part of this was based on slight dips in June’s data, which suggested the beginning of a gradual “cooling” effect. July’s report has served to challenge this prediction, however.… read more →
Last month, the sale of Dublin townhouses and condos outperformed the Bay Area average in several important categories, including “days on market” and “median for sale versus sold” figures. This reinforces the opinion that condos and townhouses continue to be the strongest aspect of the Dublin housing market—something that should please homeowners who are looking to rent or sell these types of properties in the area. This is especially salient now, with news of skyrocketing prices in San Francisco and… read more →
The latest news is that much of the United States’ housing market is regaining a healthy balance between buyers and sellers, with economists forecasting slowed growth as inventories expand. A larger inventory means more choices and flexibility on pricing. Thus, a whole group of prospective buyers—previously intimated by (or squeezed out of) the market—stop toeing the edge of the pool and choose to jump in. Meanwhile, prices in parts of the Bay Area’s housing market have reached pre-recession levels—a fact… read more →
When you make an offer on a property and it’s accepted by the seller, two things normally happen right away. First, you have to put your deposit in escrow, and second you (or, hopefully, your agent) need to order the inspections. In a typical transaction, we recommend our clients order three kinds of inspections: property, termite and roof. Of all three, the termite inspection is the most important; let’s talk a little about the details so you know what to expect. Read More →
If any recent month served as a reminder of the importance of listening to the market, it was June. The latest data confirms that June was a tough month for many Dublin Ranch homeowners who were trying to sell their homes: The “days on market” median shot up to 34 (a relatively high number when compared to 13 days in May and 18 in April) which reflected a stubborn difference of opinion between sellers and buyers when it came to… read more →
Up until very recently, the housing market in the Richmond Waterfront area — including Point Richmond, Marina Bay, and Country Club Vista — was similar to other parts of the Bay Area: Prices were climbing, inventory was dropping, and the average home only had to spend a relatively brief time on the market before selling. Even back in May, however, there were signs that this could be slowing down in the near future. For example, new properties were entering the… read more →
It seems like it’s impossible to check the local news (or read this blog) without hearing about how the Bay Area’s housing market is heating up. California’s economic growth is drawing workers back into the area in search of homes; growing families are making the transition from rooms and apartments to condos and houses. Perhaps more importantly, people are finally moving on plans that were put off for years (due to the recession). On the aggregate level, many Bay Area… read more →
In my previous article, I wrote that a number of Dublin Ranch houses were closing for less than asking price, but that this suggested that many homeowners were simply racing ahead of “economic equilibrium” when setting their prices. Considering you can’t look at the news without seeing how hot Bay Area housing has gotten lately, this is a perfectly understandable mistake to make. If we can assume that people want the most for their home, then a healthy market is… read more →
Just about every house in the San Francisco Bay Area is connected to a public sewer system. Of all the homes I’ve sold, only three have had a septic system. The first time I helped someone with a septic system, I’ll admit, I was a little intimidated. After three transactions I am by no means an expert, but I’ve found they aren’t as scary as I once thought they were. And, with the economy improving and clients looking at purchasing vacation property out in the country, it’s probably worthwhile to run through the logistics here on the blog so you know a little more about what to expect. Here it goes… Read More →
Every once in a while, a client will ask me about the timing of their home sale… “When is the best time to sell my home?” I know why they’re asking — they want a “leg up” on the market. They want that extra little advantage that a well-timed offering will make so the most people possible will be looking at the time they sell. But do these “special times” exist? And if they do, when are they? There are… read more →
If you’ve made an offer on a Bay Area home in the past month, there’s a good chance that you’ve found yourself shoulder-to-shoulder with several other eager buyers. This increased competition has been a blessing to home sellers, who have capitalized on the rise in demand by raising prices. The latest figures reflect this trend: In May, the average home sold for 17% more than a year ago (the highest in over a year), and closed for $25,000 above the… read more →
